AutoTrends Weekly

Preface

This issue of AutoTrends Weekly describes the Chinese government's latest efforts to promote domestic NEV sales, as well as the global auto industry's development trends in shared mobility, connectivity, electrification, and autonomous driving. The highlights of this article include:

Subsidies for automobile trade-ins can be combined with multiple incentives (Autohome, May. 10)

Global ride-sharing market accelerates to $205.83 billion by 2030 (Allied Market Research, May. 8)

Connected cars market surges to $225.16 billion by 2027 (Allied Market Research, May. 7)

Global autonomous vehicle market size to reach $2,353.93 billion by 2032 (Report Ocean, May. 8)

Wireless charging EV market size to worth $1,707.14 million by 2032 (Precedence Research, May. 9)

Global ride-sharing market accelerates to $205.83 billion by 2030

• The global ride-sharing market is projected to reach $205.83 billion by 2030, registering a CAGR of 13.2% from 2021 to 2030, according to a recent report from Allied Market Research.

• The factors such as the rise in demand for ride-hailing and ride-sharing services, increase in demand from online taxi booking channels, and increase in cost of vehicle ownership are anticipated to drive the market growth.

• The development of robo-taxies and the emergence of eco-friendly electric cab services are some of the factors expected to offer lucrative opportunities for market growth during the forecast period.

• Asia-Pacific is expected to lead during the forecast period, owing to technological advancements, a rise in preference amongst the people for ride-sharing services, and supportive government policies for shared mobility services. (Allied Market Research, May. 8)

Global autonomous vehicle market size to reach $2,353.93 billion by 2032

• The global autonomous vehicle market size is estimated to reach $2,353.93 billion by 2032, growing at a CAGR of 22.2% from 2024 to 2032, according to a recent report from Report Ocean.

• The autonomous vehicles market is anticipated to maintain suitable growth in the government's initiatives towards sustaining autonomous driving technology.

• The cybersecurity issues and the high manufacturing cost of the hardware have hindered the growth of the autonomous vehicle market.

• Technological improvements in the automotive industry are anticipated to create abundant opportunities for the growth of the autonomous vehicle market across the world. (Report Ocean, May. 8)

China mulling Tesla robotaxi tests

• China is very likely to support US vehicle maker Tesla's local testing of robotaxis, and may move to consider data compliance issues given that data regulators attended a recent top-level meeting that involved Elon Musk.

• Chinese officials told Musk that China "welcomes Tesla to do some robotaxi tests in the country" and hopes the automaker will "set a good example", the sources said, though Chinese authorities have yet to approve Tesla's widespread use of FSD functions. 

• Before the full rollout of its FSD functions, Tesla still needs to get approval to collect and transfer data that Tesla's cars need to train its driver-assistance features. (China Daily, May. 9)